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Losses mounted to €1.3m at SFS before sell off

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GOLDMAN Sachs said the yen and euro will weaken on further quantitative easing (QE) in Japan and Europe, while the Federal Reserve refrains from raising interest rates when US policy makers meet this week

GOLDMAN Sachs said the yen and euro will weaken on further quantitative easing (QE) in Japan and Europe, while the Federal Reserve refrains from raising interest rates when US policy makers meet this week

GOLDMAN Sachs said the yen and euro will weaken on further quantitative easing (QE) in Japan and Europe, while the Federal Reserve refrains from raising interest rates when US policy makers meet this week

Pre-tax losses more than tripled at spread-betting firm, Shelbourne Markets to €1.33m in its final year in business.

SFS Markets Ltd - formerly Marketspreads Ltd - sold its spread betting business to a UK firm in July of last year.

New accounts lodged with the Companies Office show that directors of SFS Markets - trading as Shelbourne Markets - made the decision to sell after further losses were incurred in 2014 as revenues plummeted.

According to the accounts, the firm recorded a loss of €1.33m in the seven months to the end of July last after recording pre-tax losses of €435,927 in the 12 months of 2013.

Revenues dived from €3.22m to €968,609 last year even taking account of the shorter seven month period in 2014.

The loss last year includes €376,171 in exceptional costs relating to the disposal of the firm to Monecor (London) Ltd and these costs include redundancy costs, contract termination costs, accelerated depreciation charges and a credit for release of deferred rent.

Irish Independent